Funds of funds recorded their sixth consecutive year of positive performance in 2018, returning 6.7 percent, according to the latest ANREV/INREV Funds of Funds Study 2019. While down from 2017’s return of 8.4 percent, “Whether broken down by style, structure, regional strategy or size, funds of funds delivered positive returns to their investors.”

Within the funds of funds universe, those with a global strategy hold the largest share of vehicles, by number of vehicles (25 out of 51) and size (89.3 percent of total net asset value). European-focused vehicles (17 out of 51) represent the next largest by number, while there are eight vehicles targeting Asia Pacific. Only one vehicle is targeting North America.

Core vehicles dominate the funds of funds universe, making up 87.3 percent of the total NAV. On average, core funds of funds are much larger in size than their value-added or opportunistic peers. By number of vehicles, there are slightly more valued-a